India’s Gulf Oil Acquires Houghton

Gulf Oil, an Indian lubricants manufacturer, has agreed to acquire the specialty chemical maker Houghton International for $1.0 billion. Based in Valley Forge, Pa., and owned by the private equity firm AEA Investors, Houghton had sales of $858 million for the 12 months ending in September. The company considers itself the number-one supplier of metalworking fluids in North America and Europe and the number-two supplier in Asia. Gulf Oil, part of India’s Hinduja Group, says it will operate Houghton as a separate company while drawing on Houghton’s base of industrial customers as potential buyers of lubricants. Gulf also sees synergies in manufacturing, sourcing, and distribution.